Fortum: Russia, Russia, Russia
Russia's extensive attack on Ukraine dramatically changed Fortum’s operating environment and previously extremely unlikely scenarios have become possible. Our ability to assess the likelihood of various risks is weak and uncertainty is extremely high. However, in the current situation, Fortum’s high Russia risk is not attractive, and Russia's counter-sanctions in particular can be very harmful. A lot of negatives are already priced into the share at the current level, but we remain cautious before the company's financial report.
